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Blockchain and Cryptocurrency Regulations Are 'Unnecessary,' Reserve Bank of Australia

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Australian Central Bank Reserve Bank of Australia's (RBA) Payments Policy Department officials Tony Richards and David Emery have claimed that cryptocurrencies and their underlying Blockchain technology issues not urgent regulatory issues so far. (19459003)

At a hearing before the Australian House of Representatives Standing Committee on Tax and Revenue in late October 2017, The distribution and cross-border nature of digital currencies like Bitcoin means the central bank does not see "regulatory regulatory issues" involving the virtual currencies and Blockchain

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RBA 's Position on Blockchain and the rules of the system are not likely to be effective. cryptocurrencies

The position of the Australian central bank on the digital currencies and Blockchain technology has been so far in 2015, t

The bank, however, proposed the need to introduce a coordinated cross-border regulation of the potential of Bitcoin and other digital currencies to the global remittance industry. It also announced its plan to collaborate with the Bank for International Settlements and its Committee on Payments and Market Infrastructures (CPMI) on the issue.

Meanwhile, the two officials have claimed that Blockchain and the digital currencies are here to stay. (19459003)

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"The greatest potential is likely to be in the hands of the parties, where they are practices are quite inefficient. "

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